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Article: Conference told to forget client retention initiatives.(savings and loan associations)
- Article from:
- Financial Advisor
- Article date:
- May 19, 2005
CopyrightCOPYRIGHT 2005 FT Business. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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BUILDING societies are wasting too much time on retaining their clients, an outsourcing professional has warned.
Steve Haggerty, managing director of Homeloan Management, said customer retention initiatives no longer made commercial sense.
Speaking at the recent BSA conference in Harrogate, Mr Haggerty said: "How many societies here have run customer retention initiatives here in the last three years?
"Most of you, I would guess. Forget it guys, it is not worth it. You are just throwing good money after bad."
Mr Haggerty said churn was the "name of the game" and that those customers who were going to go would go anyway.
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